Member Info for NomZ

Volcanic raised the money for drilling in a heartbeat. I don't think SMA tried too hard.

Great set of results from drilling at Mandiana. Why SMA couldn't do this themselves I do not know... https://www.volgold.com/news/2017/volcanics-drilling-at-the-mandiana-project-guinea-intersects-broad-mineralized-intervals/

There was the small matter of an Ebola crisis in Guinea that stalled them. I like the Mandiana project a lot (I've actually walked the ground there not so long ago) I'm positive about Volcanic, they have a good team and are exploring aggressively there at the minute. Quite why SMA couldn't get their act together to do this themselves I don't know, but Guinea is a good place to be at the minute and those who got in quickly after ebola will be rewarded

If you think they can switch between high and low grade at will you are very mistaken. Like I say, lets watch the grades over the next couple of months.

At the end of the day the board is pretty irrelevant as it's pretty obvious Ning makes the decisions. Believe me, canning the shaft deepening project is going to have a serious impact on production. Trojan is a technically challenging mine. I know, I've been underground there many times over the years, mainly during the AAC days when they were mining much greater volumes than now. There is a very small, very high grade orebody and a very large, very low grade orebody. The key to making it work is finding the right balance and maximising the input from the very high grade massives. One thing is certain, if you cut off the massives the grade drops spectacularly. Canning the shaft deepening will reduce access to massives, grades will drop, costs go up and importantly MgO content goes up. Trojan concentrate is notoriously poor quality, hence the 65% offtake agreement, which is a MAXIMUM price. If the MgO goes up there are further price constraints. Cutting development to save costs is a classic mistake made when accountants are put in charge of mines. They think they are smart and cutting costs, while the medium to long term implications are potentially catastrophic. Unfortunately I've seen this many times over the years and the end results are the same... The first indication of problems will be a drop in grade, just watch it over the next few months

Scott Morrison was a lab manager for most of his career. He has ZERO hands on mining experience. I know David quite well and he is an absolute gentleman. He is an experienced geologist and has done lots of good work for the industry in Zimbabwe, but he is not a miner.

Don't forget that they only get 65% of spot price and that they own 75% of BNC My concern is that they have delayed the shaft deepening project so i see some serious production difficulties round the corner. Watch the grade over the next couple of months...

Don't forget about the $20 million bond (at 10%) or the $10 million dollar IDC loan. Don't forget about smelter costs, plant expansion costs and other capex. One of my biggest gripes is the fact that they consistently fail to report their capex costs, which are not included in the production costs they release. Which paints a rather unrepresentative picture. I'm sure we'd all be very interested to know where the cash from sales actually goes. I've a good idea where a hefty chunk of it goes.....

Asa copper 2015 https://mining-atlas.com/project/Kibolwe-Copper-Mine-Project.php N.B. Sub-economic You are all living in cloud cuckoo land regarding the copper projects. They have one deposit, Kibolwe, which is 200,000t copper at about 1% Cu. That is tiny. The rest of the licences are in barren Kundelungan sediments away from the main copper belt itself. There is simply no potential, they are in the wrong place geologically.

Their main priority should be the mine, not the smelter. They have already had development issues reducing access to high grade material. Delaying the shaft deepening will only exacerbate this. It is unavoidable that production will not be affected. A few interesting months ahead for BNC

It's exactly the amount I estimated to convert the resource to indicated :-)

The cash position is hard to work out as they don't tell us what their Capex costs are. What is the smelter costing? What is the shaft deepening project costing? What is the plant expansion at Freda costing?

Needs drilled to 25 x 25m so looking at around 15-20,000m RC drilling which isn't an immense amount but certainly not minimal. All in RC cost around 65$/m so looking at about $1M to get the whole thing to indicated.

To be honest I think they just took the first half decent offer that came along. I don't think they have any interest in the Guinea assets any more and just want rid of the costs. It's a good deal for Volcanic. But there needs to be a lot more drilling done to bulk up the resource to indicated status for a start, add some upside and then think about mining. None of that happens overnight. In terms of the SMA share price the impact will be minimal. It's all about the RTO now and where that goes. I'm sitting tight for now on the assumption that they do actually have a plan! Although things like "potential" acquisition and "due course" suggest that we might have to wait a while....

Tier 2 as it stands but there is upside potential as well. A bit of properly managed drilling and the resource will increase very quickly. Near surface and oxide, which are a big plus. Volcanic got themselves a great deal.

Manica is a dog. It's been around forever and nobody has ever made it work. Just look how many times it has changed hands in the last 15 years. XTR were planning to start production in April 2016, now they are trying to sell it. Why is that? Low grades and complex metallurgy.

Well Managem just did a $14M deal on the Avocet property just down the road. They obviously see the Mandiana area differently.

There better be something we don't know. This deal as it stands is pathetic. We now have 10% of a company with a market cap of 2.4M.

Who indeed. Was hoping for a proper gold mining company, or at least one I'd actually heard of

On an early stage project like this it is often the upside potential which swings it, and I think there is plenty of this on the SMA licences. I'd be surprised if it's an outright sale but I'd hope any JV would be managed by the new partners. I have to say I'm pretty non plussed by the appointment of Street as CEO given his complete lack of mining experience.